Metro Manila (CNN Philippines, May 28) — AgriNurture, Inc. (ANI), the listed agribusiness firm of businessman Antonio Tiu, was shielded from COVID-19 wrath as profit in the first quarter jumped 26%, while sales hit over ₱1 billion on the strong performance of its local and international operations.
Net profit in the January to March period reached ₱40 million, higher than the ₱31.7 million posted a year earlier.
Consolidated sale of goods and services also soared 45% to ₱1.2 billion against the previous ₱827 million.
Foreign operations led the surge, contributing 56% of the consolidated sales. The company’s export sales totaled ₱438.82 million, up 10% from a year ago.
“The increase was due to the stable selling prices of bananas and coco products in the international market, constant supply of raw materials, and increased customer demand especially in the Chinese and US markets,” it said in a financial report Friday.
“Also, sales for coco juice went up due to increasing demand in the United States of America during the period,” ANI added.
Local sales, meanwhile, also increased by 173% to ₱93.35 million versus the ₱34.23 million in the first quarter in 2020.
ANI said its business got a kick from coronavirus restructions during the start of the enhanced community quarantine, complementing the launch of its e-commerce platform where customers can order fresh produce, canned beverages, rice, and other essential goods for delivery to customers.
Boosting its pipeline, ANI is eyeing to introduce new products, such as plant-based meat fit bites, non-dairy coconut ice cream, and healthy drinks in cans for domestic and foreign markets.
ANI’s shares in the local bourse traded flat on Friday to close at ₱6.27 each.
